Blockchain payments company Facepay Inc. announced Tuesday local time for the release of Facepay Crypto, bringing cryptocurrency payments to auto stores.
Facepay Crypto will allow auto shops to accept Bitcoin, Ethereum and other cryptocurrencies directly from customers, replacing the complex payments associated with traditional payments such as credit cards that can lead to chargebacks, fraud, and more.
Facepay founder Dr. Mark Hale said:
“Consumer cryptocurrency will only increase over time, and repair shops should be investing in the right technology to take advantage of it. If not, Bitcoin will be just another payment method that costs shops money. Every direct payment made with Facepay results in a 15 -20% more profitable transaction.”
Facepay is a relational payment on the blockchain. It offers small business contactless, mobile, and zero-fee pay-through-text and pay-through-scan payment solutions. They eliminate credit card fees by converting their customers to direct debit on the blockchain.
“When Facepay is an integral part of shop workflow, shops start seeing huge savings. On top of that, 63% of consumers prefer this type of payment relationship with their service providers anyway,” Hale added.
As cryptocurrencies have crept into the mainstream market, there is currently no direct crypto banking offering the security of blockchain technology specifically for auto shops.
Facepay is thus a way to prevent crypto payments from being incorporated into the outdated transaction model provided by the oligopoly of credit card processors, which can increase revenue and reduce expenses for merchants by eliminating credit card fees.
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